NEW YORK (TheStreet) -- It was the best of times and the worst of times, Jim Cramer told "Mad Money" viewers Wednesday as he compared today's divergence of Apple, a stock he owns for his charitable trust, Action Alerts PLUS, and Google.

Cramer said today's rally in Google and simultaneous decline in Apple should not come as a surprise to investors, as Google is already up 29% for 2013 while Apple has fallen 19%. He said the markets are concerned with what they're always concerned with -- valuing a company's future earnings.

In the case of Google, there's a lot to like as the company continues to outperform in search, while ramping up its Android mobile operating system and possibly monetizing YouTube in a big way for the first time. Meanwhile, Apple, well, no one but Apple knows what the company has planned.

Given all that Google has going for it, Cramer said it's easy to see why investors might be willing to pay up to twice the company's growth rate of 18% for its expected $47 a share of earnings. That would value Google upwards of $1,600 a share, he said. Looking at it another way, Google currently has the same valuation as Clorox, yet Google is growing four times faster.

So for the time being, Cramer concluded, expect Google's shares to continue to rise, while Apple will continue to flounder until the company can provide investors something to get them excited again.

Bull vs. Bear

When analysts duke it out, investors win, Cramer reminded viewers, as he pitted differing opinions on LED lighting maker Cree against one another to see whether the bulls or the bears make the better case. He explained that just this week, one analyst lowered their price target from $66 to $59 a share on Cree, while later the same day, another raised their estimates from $62 to $73 a share.

Cramer said Cree is not the same company it was two years ago when he mistakenly recommended it. Back then, he explained, the company only made components for LED light bulbs, which at the time were slow in gaining traction. But now, thanks to an acquisition, Cree makes complete LED light bulbs and fixtures and is gearing up to become a major player in the space. That's why LED bulbs now account for 37% of the company's total sales.